Thursday, June 17, 2021

IT Purchasers Need To Eliminate Greenwash And False Product Claims To Meet Their Sustainability Goals

* New report by TCO Development helps IT purchasers worldwide avoid greenwash and false claims

TCO Development, the organization behind the sustainability certification for IT products TCO Certified, has released a new report ‘Navigating the Sustainable IT Revolution – The critical role of independent verification’. As India accelerates towards digitization, there is a growing need for that progress to be socially and environmentally sustainable. The purchase of computers, mobile devices and other Information Technology (IT) products are essential; however, it involves several sustainability risks. The report helps IT procurement teams worldwide accurately verify the social and environmental aspects of their purchases.  

In a global study of online environmental claims, 40% were found to be false or misleading. To avoid greenwash and false product claims, transparency and verification are key to validating an organization’s sustainable procurement efforts, and ultimately, their reputation. This year’s report takes a critical look at what purchasers need to do to avoid greenwash – and the tools available to reduce reliance on false claims. The report offers insights based on the experience with TCO Certified, along with expert voices from policy officials, NGOs, scientists, factory auditors, product testing, and procurement.

“With our Impacts and Insights report we want to give purchasers the insights for avoiding the common risks of relying on greenwash and false product claims. Getting proof of what’s actually happening in the IT supply chain gives any organization the confidence to stand behind their sustainability efforts,” says Clare Hobby, Director Purchaser Engagement, Global at TCO Development.

The report highlights three key elements for IT purchasers to focus on —

The IT supply chain – It is near impossible for a single organization to manage the many sustainability risks in IT procurement by themselves. To avoid contributing to serious issues such as harmful emissions, labor law violations or other health and safety risks for workers, traditional aspects such as price and performance must be balanced with environmental and social risk.

Independent proof needed to avoid false claims in procurement – Best practice in procurement means proving all sustainability claims and this places new demands on purchasers. Even the strictest sustainability criteria fall flat if there is no system in place to independently verify and monitor sustainability progress. Specifying ecolabels that have all these systems in place is a good place to start.

Choosing tools that can prove compliance and impact – Ecolabels provide purchasers with a simple approach of incorporating sustainable aspects in a wide range of product categories. However, many purchasers point to the overload of choice and comparing ecolabels can be confusing. Hence, they must choose ecolabels which have up-to-date criteria, mandatory independent verification, and a system of accountability. The most robust ecolabels or certifications ensure proven sustainability progress and continuous criteria compliance for the entire life of the certificate granted.

Ecolabels and certifications can make sustainable procurement a lot easier. However, the market for ecolabels is both extensive and varied. While some include a robust system of verification, follow up and accountability, others base product compliance on self-declarations and unverified product claims. Purchasers do not need to know everything themselves to be strategic and successful in sustainable IT procurement. Robust IT certifications and ecolabels do all the heavy lifting for purchasers, so they stay ahead even when legislation is lagging.

Toward sustainable IT products

With over 30 years of experience, TCO Certified is the world-leading sustainability certification for IT products. Our comprehensive criteria are designed to drive social and environmental responsibility throughout the product life cycle. Covering 11 product categories including displays, computers and mobile devices, compliance is independently verified, both pre and post certification.

EY US Announced Chakri Gottemukkala, CEO Of o9 Solutions As Finalist In Entrepreneur Of The Year 2021 Southwest Award


* Celebrating the 35th class of unstoppable entrepreneurs who transform the Southwest region and beyond

Ernst & Young LLP (EY US) announced that Chakri Gottemukkala, co-founder and CEO of o9 Solutions, was a finalist of the Entrepreneur Of The Year® 2021 Southwest Award. Now in its 35th year, the Entrepreneur Of The Year program honors innovative business leaders whose ambition, leadership, and success stood out in a year of global disruptions.

Chakri Gottemukkala was selected by a panel of independent judges. Award winners will be announced on August 4, 2021 during a virtual celebration and will become lifetime members of an esteemed global community of Entrepreneur Of The Year alumni.

Entrepreneur Of The Year is one of the preeminent competitive award programs for entrepreneurs and leaders of high-growth companies. The nominees are evaluated based on the following criteria: entrepreneurial leadership; talent management; degree of difficulty; financial performance; societal impact and building a values-based company; and originality, innovation and future plans. Since its launch, the program has expanded to recognize business leaders in more than 145 cities in over 60 countries.

Chakri Gottemukkala co-founded o9, along with Sanjiv Sidhu, because he realized the big challenges of siloed planning in global companies and envisioned how emerging digital technologies, like AI, Big Data and Machine Learning, create an integrated, end-to-end approach to supply chain management. His commitment to innovation and excellence is reflected in his leadership style of setting big goals but inspiring the o9 team to “Aim 10x in every process” and embrace the mission to be the Most Valuable Platform (MVP) for global enterprises.

“It is an honor to be a finalist in the EY US Entrepreneur Of The Year 2021 award in the Southwest category. Despite the volatile world disruptions of the last year, the entire o9 team was dedicated to achieving the best results for our customers. Being nominated for this prestigious award is a testament to the great results and value we as a team have delivered. It is an honor to be recognized among the other finalists in the Southwest region,” says Chakri Gottemukkala.

Regional award winners are eligible for consideration for the Entrepreneur Of The Year National Awards, to be announced in November at the Strategic Growth Forum®, one of the nation’s most prestigious gatherings of high-growth, market-leading companies. The Entrepreneur Of The Year National Overall Award winner will then move on to compete for the EY World Entrepreneur Of The Year™ Award in June 2022.

Sponsors

Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards are nationally sponsored by SAP America.

In the Southwest Region, sponsors also include Colliers International, Haynes and Boone LLP, PNC, Donnelley Financial Solutions, RHSB, Smith Frank & Partners and D CEO Magazine.

About o9 Solutions, Inc.

o9 Solutions is a leading AI-powered platform for integrated business planning and decision-making for the enterprise. Whether it is driving demand, aligning demand and supply, or optimizing commercial initiatives, any planning process can be made faster and smarter with o9’s AI-powered digital solutions. Bringing together technology innovations—such as graph-based enterprise modelling, big data analytics, advanced algorithms for scenario planning, collaborative portals, easy-to-use interfaces and cloud-based delivery—into one platform. 

LTI's Cuelogic Acquisition To Augment Capabilities In Digital Engineering Practice


 ■    LTI has acquired Cuelogic Technologies Private Limited (Cuelogic), a digital Engineering and Outsourced Product Development company, for a cash consideration of USD8.4mn (~1.5x EV/Sales on FY21 sales). Cuelogic's 100% subsidiary in the US, Cuelogic Technologies Inc., will also be acquired as a part of the transaction.

■    Deal rationale: Digital Engineering is a significant market opportunity, and this acquisition will provide instant access to a fast-growing business with an impressive clientele (CapitalOne, IAC, Pearson, WPP, Kantar Media, Travelpass Group, etc.) and more than 300 employees. It will help in enhancing LTI's digital engineering practice by combining Cuelogic's people, tools, methodologies, training methodologies and onboarding structure, along with its strong leadership team to support practice development, sales and delivery.

■    Cost of acquisition and deal timeline: The cost of acquisition for 100% share capital of Cuelogic is USD8.4mn on a cash-free and debt-free basis, excluding working capital adjustments. It will be paid as a combination of upfront consideration, retention bonus and performance-based earn-outs. The transaction is expected to get completed within 2-4 weeks.

■    Brief profile: Cuelogic, incorporated in 2010 and headquartered in Pune, is a digital engineering company with a 300+ strong team that include full-stack engineers who specialize in product development capabilities and have expertise in scaling exponential technologies. It works with customers wanting to build digital products, modernize legacy software with modern technologies leveraging cloud, AI and mobility, and offer Innovation Lab as a service to fast-track experimentation and capture untapped value from Digital. Cuelogic's primary focus is on building and modernizing digital products leveraging cloud-native methodologies across web and mobile. It works with enterprise clients on multiple facets of digitalization such as UX Consulting, DevOps, AI Consulting, IoT, Applications Modernization and Cloud Architecture & Integration. Cuelogic has successfully developed more than 100 products. It has reported revenues of USD3.21mn/USD3.55mn/USD5.5mn in FY19/FY20/FY21.

■    This is the seventh acquisition by LTI since it got listed in 2016. Earlier acquisitions have bolstered the company's expertise in data & analytics, cloud consulting, intelligent automation, and industry-specific platforms.

■    Cuelogic will be integrated with LTI's Digital practice, which is a focus area for LTI. The acquisition will augment its domain capabilities. Given the size of the acquisition (<0.5% of LTI's revenue), we do not expect any meaningful revision to our earnings forecasts. We have a Sell rating on the stock with a TP of Rs3,550 (24x FY23E EPS).

Toyota Motor Selects Nutanix Cloud Platform To Realize A New Way Of Working


* Nutanix Solution Enables Toyota Employees to Use 3D CAD Design Software Remotely

Nutanix (NASDAQ: NTNX), a leader in private cloud, hybrid, and multicloud computing, today announced Toyota Motor Corp (Head office: Toyota-city, Aichi; President and Representative Director: Akio Toyoda) has adopted the Nutanix cloud platform to build a virtual desktop infrastructure (VDI) environment that can run 3D CAD software, delivering a new way of working for its Engineering Design Group.

TOYOTA, an automobile manufacturer with approximately 360,000 employees worldwide, was quick to announce its commitment to work style reform in 2016 and has introduced a work-from-home program for about 13,000 employees. However, there were varying degrees of adoption among different departments. For example, the Engineering Design Group was not able to support a remote-work model for all employees. Team members had to work from their physical workstations in the office whenever working on design projects using 3D CAD software. In addition, the DX Promotion Division was facing challenges with workstation maintenance and procurement costs.

To shift gears and solve the issue, TOYOTA decided to leverage hyper-converged infrastructure (HCI) to build a VDI environment that can support high-performance applications and run 3D CAD software. The Nutanix cloud platform stood out for its ability to support Virtual Graphics Processing Unit (vGPU) functions required to render 3D graphics in HCI virtual environments. In addition, Nutanix’s flexibility and scalability were important factors to help the team quickly respond to changing business demands.

The Nutanix cloud platform enabled a VDI environment for approximately 1,000-devices and was up and running far ahead of TOYOTA’s initial schedule to expand its VDI environment. Employees in the Engineering Design Group also said the move enabled them to work in a new way, and this became even more important when they were forced to work from home due to the spread of COVID-19 but were able to continue performing design work without interruptions.

“Moving forward, our plan is to roll out similar systems not only to Toyota Motor but also to Toyota group companies," said the DX Promotion Division’s Masanobu Takahisa. “In the future, we hope to also support CAE software on the VDI environment, and continue to promote work-style reform in the Engineering Design Group.”

In addition to expanding work-style options for employees in its Engineering Design Group, the move to Nutanix enabled TOYOTA to consolidate shared and underutilized workstations into its VDI environment, with the aim of eventually cutting the number of workstations to approximately half, which would also result in significant cost reductions.

“TOYOTA is a leading global company in the manufacturing industry, enabling employees to embrace the future of work. We are proud to have helped TOYOTA implement a new way of working, which was previously thought to be difficult to achieve,” said Matt Young, SVP of Sales, Asia Pacific and Japan at Nutanix.

Supporting Quotes From TOYOTA Employees:

“Due to the COVID-19 pandemic, the elementary school that my child attends was closed in March 2020, and I was also forced to work from home," said Naomi Tsuji of the Advanced Body Technology Development Division. “Thanks to the 3D CAD environment on VDI, I have been able to perform design work at home without any inconvenience.”

“When we would go to manufacturing sites for meetings, we had no choice but to present our designs using paper drawings," said Yugo Ichida of the Commercial ZEV Fundamental Development Division. “I always thought, ‘Communication would be smoother if I could use 3D CAD.’ Now, we can have deeper and better discussions while looking at the 3D CAD models together.”

Discussing the improved work efficiency, Masami Uehata of the ZEV B&D Lab added, "Before deploying Nutanix, paper drawings had to be printed and taken outside the office. With Nutanix, we can communicate with our clients and other departments while showing the 3D CAD screen during meetings. Being able to make decisions on the spot has allowed us to work more efficiently and reduce the amount of work we have to take home.”

About Nutanix 

Nutanix is a global leader in cloud software and a pioneer in hyperconverged infrastructure solutions, making computing invisible anywhere. Companies around the world use Nutanix software to leverage a single platform to manage any app at any location at any scale for their private, hybrid and multi-cloud environments. 

India’s Consumer Credit Market Projected To Grow At A Higher Rate Than Most Major Economies Worldwide: Report


* Rise Of India’s Affluent Middle Class And Growth In The Rural Economy Continues To Alter Consumer Spending Patterns And Drive India’s Consumption Boom

* Rapid technological adoption has created acceptance for new financial tools, with India’s credit market evolving into a self-generating and self-sustaining one as traditionally conservative lenders increase their risk appetites amidst rising consumer creditworthiness 

India’s credit ecosystem remains resilient despite the pandemic, as revealed in the latest joint report:      The report “A Review of India’s Credit Ecosystem” highlights several key trends in the lending sector, notably, a key trend where India’s consumer credit market is projected to grow at a higher rate than most major economies globally. This will be driven by a shift in India’s demography, a burgeoning affluent middle class ramping up private consumption, as well as growth in rural populations, all catalysed by technology. Recognising gaps in the market for the unbanked and underserved populations, the report explores how NBFCs and fintechs have transformed the lending landscape to cater to the financial needs of these consumers. The report also highlights the regulatory environment supporting India's credit ecosystem throughout the pandemic.  

The report’s data, which tracks India’s credit ecosystem from March 2017 to February 2021, highlights a V-shaped recovery across Indian markets, with a gradual and steady improvement in sourcing trends. New sourcing crossed the pre-COVID-19 level in October 2020; however, sourcing volumes declined from January 2021 onwards due to the second COVID-19 wave and lockdowns being imposed.  

A remarkable recovery was observed across all unsecured credit products. Recovery of personal loans has been high in both low (<Rs 1 Lakh) and high (>Rs 5 Lakh) ticket size segments while the recovery in higher ticket size loans is also improving steadily. The credit portfolio has been resilient, in February 2021, growth stood at eight per cent year-on-year for the portfolio of key products, lower than the 13 per cent observed for March 2020. The pace of growth slowed down for all products, however, with unsecured products experiencing a faster year-on-year growth rate compared to secured loans. 

Mr. Neeraj Dhawan, Managing Director of Experian India, says: “The behavioural shift in Indian population has been tremendous just over the last five years. Consumerism has been growing in the previously untapped semi-urban and rural regions as millennials become the main driving force of the mass market. Technological adaption is steep which has, in turn, created acceptance for new financial tools. The biggest beneficiary of this change is the credit market, which is evolving into a self-generating and self-sustaining one. In line with this trend, the risk appetite of traditionally conservative lenders is growing as the horizon of creditworthiness expands. With its array of innovative solutions that help businesses in credit evaluation, smarter lending decisions and safeguarding themselves and their customers from fraud, Experian is at the forefront and one of the main enablers of this shift.” 

Mr. Deepak Bagla, Managing Director & CEO, Invest India, adds: “India is making giant strides in financial inclusion. The rise in the affluent middle class and growth in the rural economy is changing consumer spending patterns and driving the bulk of India’s consumption growth. Additionally, rapid technological advancements have further expedited the growth of the credit lending ecosystem. The report attempts to bring forward credible and practical information about the credit industry in these unprecedented times. This report which illustrates Experian and Invest India's shared commitment to advancing excellence in India's credit system.” 

Mr. Saurabh Mishra, Joint Secretary, Department of Financial Services, and Mr. Rajendra Ratnoo, Joint Secretary, Department for Promotion of Industry & Internal Trade, joined Mr. Deepak Bagla at the launch of the report.  

Key highlights of the report: 

Demand for credit-fuelled consumption: 

With India's financial industry evolving at an unprecedented rate, demand for credit in the country has also seen consistent growth over the years. The rise in the 'affluent middle class' and growth in the rural economy is changing consumer spending patterns and driving the bulk of India’s consumption growth. India’s domestic credit growth has averaged 15.1 per cent from March 2000 to March 2021, primarily driven by retail loans and increasing penetration of credit cards. The Indian consumer credit market continues to expand at a rate higher than most other major economies globally with 22 million Indian consumers applying for new credits every month.  

Increase in the purchasing power of an average Indian: 

India’s consumption expenditure is more than double of that in countries like Brazil. The private final consumption expenditure has been consistently rising over the past five years and has reached INR 123.1 Mn (USD 1.70 Mn) in 2020. India’s household debt has grown at an annualised rate of over 13 percent in the last five years.  

A shift in the demographic profile of the consumer: 

India is one of the world's youngest nations adding more working-age citizens every day. The new generation comprising of millennials and Gen-Z have better access to education, employment, and better incomes, leading them to break away from frugality and increased consumer spending. Along with the rise in income levels, consumers are spending on aspirational categories like lifestyle products, consumer durables, and jewellery. With India's rising affluence, domestic consumption in the last decade has also increased 3.5 times from INR 31 Tn (USD 0.42 Tn) to INR 110 Tn (USD 1.50 Tn).   

Changing customer landscape – the rising role of fintech: 

The most rapidly growing industry serving both consumers and businesses is fintech, who can be heralded as an innovation of the decade. When India’s financial services industry was once dominated by banks, fintechs created their own niche space by targeting customers from urban and rural regions who were rejected by banks due to lack of credit history or collateral. While introduce new innovative products, the fintech industry has also brought in the concept of ‘sachet packaging’ for easy access to financial products – available anytime, anywhere, and in any quantity. With rising customer expectations, the advent of e-commerce, and smartphone penetration, the Indian fintech ecosystem has grown manifold in the last few years. 

Growth Trends: 

1. Unsecured Products have seen an increase in loan books at a CAGR of 38 per cent vis-a-vis Secured Products, which grew at a CAGR of 17 per cent from 2017 to 2020. 

2. With the increase in consumerism and financial institutions, the new sanctioned loans have surged between FY18 and FY20 at a cumulative growth rate of 39 per cent. Unsecured loans, being the major contributor, grew with an impressive CAGR of 49 per cent. 

3. There has been in an increase in expansion of credit to tier 3 and 4 markets for lending. These markets have witnessed a sharp rise in low-ticket high-volume lending products like two-wheelers, entry-level cars, and affordable housing. Meanwhile, metros remain the biggest lending markets given the skew of the working population. 

4. The Indian economy has bounced back faster than expected in the second quarter of 2020 to 21 with a contraction of 7.5 per cent. A V-shaped recovery began after April 2020 and the current financial year is expected to be one of high economic growth. 

5. Legacy banking systems are paving the way for new-age lending systems driven by technology that will offer customised financial products and services to the masses. 

6. The rise in incomes in rural India has led to growing demand within the micro insurance sector. 

Fidelity Investments Announces COVID-19 Vaccination Drive For Associates And Their Families Across India


Fidelity Investments India has launched an onsite COVID-19 vaccination drive for employees and their immediate family members above the age of 18 years. The company has informed that the drive will be conducted in strict adherence with all government-approved protocols.

Fidelity Investments India, in collaboration with its healthcare partners, has launched the first stage of its vaccination program at its Bangalore and Chennai offices, where the company has operations, and will roll it out in phases to the rest of its employees who opt for it over the coming weeks. In addition, the firm will reimburse the vaccine expenses for employees and their immediate family members who choose to get vaccinated at an authorized vaccination center anywhere across the country.

“At Fidelity Investments, the safety and wellbeing of our employees is our foremost priority. Currently, our goal is to maximize vaccination, and we are directly working with the authorities to ensure easy access to vaccines for our employees in adherence with the government’s guidelines. We are continuously tuned to the needs of our employees during the pandemic and have announced several new benefits to ensure they get all possible support during these challenging times,” said Mr. Arshad Sayyad, Head, Fidelity Investments India, in a statement.

Ever since the onset of the COVID-19 pandemic, Fidelity Investments, one of the largest financial services firms in the world, has extended all possible support to employees towards their health and wellbeing even as they work from home across the globe. Fidelity was one of the first companies to enable its employees to work from home when the pandemic struck last year and moved quickly to ensure all employees were able to connect and work seamlessly, with more than 90 percent of its worldwide workforce working remotely. The company has a robust benefits and wellness program that is constantly evolving in line with the needs of employees and their families. Owing to the extraordinary nature of the current pandemic, Fidelity Investments India has enhanced its several listening posts and channels to listen to the voice of employees and continuously adapt its flexible benefits program to cater to their holistic needs, both emotional and physical. These measures have included special allowances to assist employees and their families with COVID-19 expenses during the current second wave, meal support and accommodation facilities for isolation of affected employees and families, an employee-run 24/7 virtual assistance center, enhanced insurance coverage, telemedicine services, and emotional wellness webinars.

ABOUT FIDELITY INVESTMENTS

Fidelity’s mission is to inspire better futures and deliver better outcomes for the customers and businesses we serve. With assets under administration of $10.7 trillion, including discretionary assets of $4.0 trillion as of April 30, 2021, we focus on meeting the unique needs of a diverse set of customers: helping more than 35 million people invest their own life savings, 22,000 businesses manage employee benefit programs, as well as providing more than 13,500 institutions with investment and technology solutions to invest their own clients’ money. Privately held for 75 years, Fidelity employs more than 47,000 associates who are focused on the long-term success of our customers. Fidelity Investments India began operations as a global capability center of the company in 2003, and currently has around 7,000 employees located across Bangalore and Chennai. We deliver solutions to our customers across all lines of the global business in the areas of technology, operations, analytics, research, and data. 

Uber’s India-Based Engineering Team Leads Tech For Third-Party Cab Booking In The UK

 


Uber’s Bengaluru-based mobility engineering team is leading the technological development of a complex integration with a third-party cab aggregator in the UK, the company’s first-ever such product offering.

‘Local Cab’, is currently being piloted in Plymouth and Oxford in the UK, and allows residents there to book third-party cabs offered by aggregator, Autocab, through the Uber app. 

The mobility engineering team led the integration, which included breaking Uber’s tech stack and building a new service, allowing Uber riders to be paired with a third-party driver. The team integrated the Uber app with Autocab’s marketplace with the help of third party (3P) application programming interfaces (APIs) developed for local cabs. Uber acquired Autocab in 2020. 

As part of the integration, riders in Plymouth and Oxford will see the option to book a “Local Cab” on their Uber app, and upon requesting a ride, will be routed to the Autocab marketplace, which will pair it with an available operator. The routing to the Autocab marketplace will happen at the backend, with the booking interface continuing to be that of the Uber app. 

The product is a win-win as it offers riders access to Uber at the touch of a button. At the same time, it enables Uber to connect with riders in towns and cities where it doesn't operate.  

Commenting on the development of the new product, Manish Bharani, Engineering Manager, Rides Engineering said, “The Rider engineering team has led several innovations for Uber globally, and the third-party integration is the latest feather in its cap. We continuously leverage technology to find solutions for augmenting rider convenience. Offering riders a chance to book cabs through the Uber app even in cities where we aren’t present goes to show the ease of use that comes with the platform.‘’

The Rider engineering team has been the architect of several leading innovations for the Rides business, such as building the UberLite app, launching products such as self-drive Car Rentals in the US, Australia and New Zealand. The team comprises Android, iOS and Backend engineers who closely partner with Product, Operations  and UX Designers.

About Uber

Uber’s mission is to create opportunities through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 15 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.

Total Pageviews